# Interaction Models: Demographics × Moderators → log(REER)

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| A1: Z×NFA → log REER | log_reer_combined | 3,017 | 99 | 0.033 |
| A2: Z×KAOPEN → log REER | log_reer_combined | 3,017 | 99 | 0.017 |
| A3: Z×trade → log REER | log_reer_combined | 2,598 | 90 | -0.021 |
| A4: Z×EMU → log REER | log_reer_combined | 3,017 | 99 | 0.012 |
| A5a: creditor Z → log REER | log_reer_combined | 595 | 49 | -0.039 |
| A5b: debtor Z → log REER | log_reer_combined | 2,422 | 92 | 0.061 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| A1: Z×NFA → log REER | Z_1 | -1.3723 | 0.3768 | 0.0003 | *** |
| A1: Z×NFA → log REER | Z_2 | 0.1770 | 0.0543 | 0.0011 | *** |
| A1: Z×NFA → log REER | Z_3 | -0.0065 | 0.0022 | 0.0026 | *** |
| A1: Z×NFA → log REER | Z_1_x_nfa | -0.1779 | 0.3457 | 0.6069 |  |
| A1: Z×NFA → log REER | Z_2_x_nfa | 0.0215 | 0.0518 | 0.6785 |  |
| A1: Z×NFA → log REER | Z_3_x_nfa | -0.0008 | 0.0021 | 0.6877 |  |
| A2: Z×KAOPEN → log REER | Z_1 | -1.1061 | 0.3799 | 0.0036 | *** |
| A2: Z×KAOPEN → log REER | Z_2 | 0.1404 | 0.0554 | 0.0113 | ** |
| A2: Z×KAOPEN → log REER | Z_3 | -0.0051 | 0.0022 | 0.0223 | ** |
| A2: Z×KAOPEN → log REER | Z_1_x_kaopen | -0.3396 | 0.1823 | 0.0625 | * |
| A2: Z×KAOPEN → log REER | Z_2_x_kaopen | 0.0526 | 0.0268 | 0.0496 | ** |
| A2: Z×KAOPEN → log REER | Z_3_x_kaopen | -0.0022 | 0.0011 | 0.0445 | ** |
| A3: Z×trade → log REER | Z_1 | -1.8735 | 0.6545 | 0.0042 | *** |
| A3: Z×trade → log REER | Z_2 | 0.2554 | 0.0961 | 0.0079 | *** |
| A3: Z×trade → log REER | Z_3 | -0.0100 | 0.0038 | 0.0093 | *** |
| A3: Z×trade → log REER | Z_1_x_trade | 0.0071 | 0.0058 | 0.2219 |  |
| A3: Z×trade → log REER | Z_2_x_trade | -0.0010 | 0.0009 | 0.2496 |  |
| A3: Z×trade → log REER | Z_3_x_trade | 0.0000 | 0.0000 | 0.2372 |  |
| A4: Z×EMU → log REER | Z_1 | -1.2265 | 0.3815 | 0.0013 | *** |
| A4: Z×EMU → log REER | Z_2 | 0.1579 | 0.0553 | 0.0043 | *** |
| A4: Z×EMU → log REER | Z_3 | -0.0058 | 0.0022 | 0.0090 | *** |
| A4: Z×EMU → log REER | Z_1_x_emu | 0.5957 | 1.1894 | 0.6165 |  |
| A4: Z×EMU → log REER | Z_2_x_emu | -0.0667 | 0.1558 | 0.6686 |  |
| A4: Z×EMU → log REER | Z_3_x_emu | 0.0020 | 0.0058 | 0.7331 |  |
| A4: Z×EMU → log REER | eurozone | 0.0127 | 0.0358 | 0.7233 |  |
| A5a: creditor Z → log REER | Z_1 | -2.3122 | 0.7328 | 0.0017 | *** |
| A5a: creditor Z → log REER | Z_2 | 0.3411 | 0.1019 | 0.0009 | *** |
| A5a: creditor Z → log REER | Z_3 | -0.0136 | 0.0040 | 0.0007 | *** |
| A5b: debtor Z → log REER | Z_1 | -0.3945 | 0.3827 | 0.3028 |  |
| A5b: debtor Z → log REER | Z_2 | 0.0342 | 0.0556 | 0.5385 |  |
| A5b: debtor Z → log REER | Z_3 | -0.0008 | 0.0022 | 0.7141 |  |

*Interaction models test how NFA, openness, trade, and EMU moderate the demographic effect on REER*